December 3, 2023
Ferronordic
, Stockholm, has acquired Rudd Equipment Co., Louisville, Ky., one of the largest dealers of Volvo Construction Equipment (Volvo CE), Eskilstuna, Sweden, in the U.S. with territory spanning all or parts of nine states. Rudd Equipment is now a wholly owned subsidiary of Ferronordic.
Ferronordic, an established European-based dealer for Volvo CE, Volvo Trucks, and Renault Trucks, is entering the U.S. market with the acquisition of Rudd Equipment. Ferronordic will purchase 100 percent of the stock of Rudd Equipment. The transaction closed on Nov. 30, 2023.
Rudd Equipment is the exclusive Volvo CE dealer for the states of Kentucky and Ohio, and Indiana with the exception of two counties. Its territory also includes parts of Missouri, Illinois, West Virginia, Pennsylvania, Tennessee, and Maryland. Rudd Equipment has over 360 employees across 13 locations. Ferronordic will continue to offer the full range of Volvo products and solutions under the Rudd Equipment banner.
“This is a transformational transaction for us. We have been looking for opportunities to expand geographically in other regions, mainly in developed markets. Rudd is a good strategic fit for Ferronordic and provides the platform and scale we have been looking for in the U.S. The acquisition gives us a strong base in a dynamic market that opens potential for further growth in North America,” said Lars Corneliusson, CEO, Ferronordic.
“We are excited to welcome Ferronordic to our North American dealer network and see incredible opportunities ahead. We have a shared commitment to provide industry-best equipment, solutions and support to our customers. We also extend sincere appreciation to Mike Rudd and the team at Rudd Equipment for the long-standing relationships they have built over seven decades,” said Scott Young, head of sales region North America, Volvo CE.
Rudd Equipment was founded in Louisville in 1952 by Mason Rudd. In 1975, his son, Mike, joined the company and over the next 48 years focused on expanding its footprint into neighboring states. Ferronordic does not foresee any major changes to the current organization of Rudd Equipment and Mike Rudd will continue with the company for a period following the deal closing.
